At Shanghai Landmark Mall, 34% of Shops Close After Lockdowns [Business News Network (BNN) (Canada)]
BURBERRY GROUP PLC S/ADR (BURBY)
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Source: Business News Network
Vacancy rates in the city's malls climbed to 7% in the second quarter, above a “warning line” of 5%, said China Real Estate Information Corp., citing research of 20 major malls. The worst hit was Super Brand Mall, which sits at the heart of Shanghai's Lujiazui financial district. It saw 34% of its shops close permanently, CRIC said. The 2.7-million-square-foot mall, just a few minutes away from the world's second-tallest office tower, has been one of the most popular shopping centers since it opened more than two decades ago. Malls are getting hit hard by Covid as China's economy slows and consumer demand wanes. After traumatic lockdowns in April and May, health authorities in Shanghai still deploy “temporary control measures” that sometimes could confine people in shopping venues with little advance notice. Global brands are feeling the pain too. Burberry Group Plc and Richemont reported sales drops of at least a 35% in China for their more recent quarters. Starbucks Corp.'s C
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